Co-operatives Act, 2005 (Act No. 14 of 2005)RegulationsCo-operatives Administrative Regulations, 2016Chapter 2 : Winding Up and Judicial Management of Co-operativesPart A : Winding-Up of Co-operativesProvisional winding up68. Functions of provisional liquidator |
| (1) | A provisional liquidator appointed under regulation 67 must— |
| (a) | assume the management of the co-operative concerned and recover and take into his or her possession all the assets of the co-operative; |
| (b) | continue as far as may be possible to carry out the objects of the co-operative; |
| (c) | investigate any matter which the court or Tribunal which issued the provisional liquidation order required him to investigate, and report to the court or Tribunal on his or her findings. |
| (2) | A provisional liquidator may subject to the provisions of this Act do anything reasonably necessary for the effective performance of his or her duties, and may in particular exercise any power mentioned in paragraphs (a), (b), (c), (f) and (g) of regulation 90 (1). |
| (3) | Unless the registrar deems it necessary in the interests of the creditors of members of the co-operative a provisional liquidator will not have the power to liquidate any assets of the cooperative. |
| (4) | A provisional liquidator must, at the request of the registrar and within a period determined by the registrar, compile and submit to the registrar an inventory of all assets and liabilities of the co-operative as at the date of this appointment. |